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While your local bank branch may be the most obvious option for sending funds to South Korea, you can save on fees and get a more favorable exchange rate with a specialised money transfer company.
Sign up and send money with a digital money transfer specialist in four steps:
Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to South Korea. Wire transfers through banks, account-to-account transfers through PayPal and other options are available but come with high fees, weak rates and long turnaround.
Companies like OFX and Wise specialise in foreign currencies, making them some of the most cost-effective transfers. Most offer a variety of options for your recipient to receive their money, including to bank accounts as well as in person.
Services like MoneyGram allow you to transfer cash for pickup at a local branch in South Korea — often in 15 minutes. While it's a fast way to send money, you'll pay for the convenience in weak rates and high fees. If a cash pickup is necessary, look to digital services like WorldRemit or Remitly.
South Korean won aren't a popular currency, which means banks may not offer them. If your local bank does support won, beware of high fees and wide margins on the exchange rate compared to digital and other options.
Let's say you need to send $1,000 to family in South Korea. Here's what you might face as far as fees and exchange rates as of March 9, 2020.
|Money transfer service||Bank transfer|
|Exchange rate||1 AUD = 787.99 KRW||1 AUD = 718.83 KRW|
|Transfer speed||Minutes||Up to 2 days|
|Amount received||KRW 780,788||KRW 718,830|
The bank option ends up being both the slowest and gets the smallest amount of money to your recipient. If you go with the money transfer service, your recipient ends up with about KRW 60,000 more than the bank offers and your transfer to South Korea may arrive in as little as 15 minutes.
Weigh costs and fees against convenience, and learn how to compare money transfer providers that send to South Korea to meet your needs:
When it's more important to get your money to South Korea quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
Cash transfer services can help you if you're unbanked or marginally banked. If you don't have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.
The exchange rate determines how much one country's currency is worth in another country's currency. When a country's currency is strong, it yields more money when exchanging it in a country with a weaker currency. The South Korean won often fluctuates when compared to the Australian dollar, so expect exchange rates today to be different than those you'll see tomorrow. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Track how the South Korean won trades against the Australian dollar in our historical rate chart.
To send money to South Korea from Australia, you'll need government-issued ID and other documents, while documents needed to pick up money in South Korea may be different by company.
To send money from Australia to South Korea, you'll need documentation and details that include:
To pick up money in person, documentation can include:
Sending your hard-earned money to South Korea shouldn't cost a fortune. Compare transfer companies that specialise in foreign for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country specific guides the next time you need to make a transfer.
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Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
New customers get their first transaction for free with code FIRSTFREE. T&Cs apply.
Send money in minutes at competitive exchange rates with this Australian money transfer service.
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